• Australian PM 'angry' at General Motors decision
    Reuters Videos

    Australian PM 'angry' at General Motors decision

    Morrison added that Australian taxpayers put billions into this multinational company. "They let the brand just wither away on their watch," he told reporters in Melbourne. Like Britain, Australia and New Zealand are right-hand drive markets. With sales of GM's Australian Holden brand plummeting, the company could not justify the investment to continue building right-hand drive vehicles. "Tax payers were giving a multi-national extra money, year after year, and at the end of the day they walked away. And I think that says everything you need to know about the success of those sorts of policies," said Morrison.

  • GM to retire iconic Australian Holden brand
    Reuters Videos

    GM to retire iconic Australian Holden brand

    US car giant General Motors is scaling back its operations from unprofitable markets, outside of the United States and the latest car brand to be axed is Australia's Holden brand. GM International Senior Vice President, Julian Blissett made the announcement on Monday. (SOUNDBITE) (English) GM INTERNATIONAL OPERATIONS SENIOR VICE PRESIDENT, JULIAN BLISSETT, SAYING: "And I can confirm to you that GM has taken the very difficult decision to wind down Holden operations in Australia and New Zealand by 2021. This was an agonising decision for us and one that we didn't make lightly or easily. The wind down will take place through this year and will impact all functions with the exception of aftersales." The first Holden car rolled off the production line in 1948 and in its heyday the company employed thousands. But it ceased production three years ago and cut jobs to around 600. For many the news was an emotional moment and Australia's industry minister Karen Andrews captured the mood with her own story: (SOUNDBITE) (English) MINISTER FOR INDUSTRY, SCIENCE AND TECHNOLOGY, KAREN ANDREWS, SAYING: "My first car was a Holden Torana that I bought from from grandfather, so like many Australians Holden has a place in my personal history and Holden is a manufacturer, it is a vehicle that is near and dear to many Australian hearts. So it's disappointing that this is the end of an era." GM also announced that China's Great Wall Motors will buy its Thailand car manufacturing plant. GM says the restructuring of its global business will produce profit margins and represent a "$2 billion" improvement from two years ago. Back in Australia -the news was hard for the government to swallow. (SOUNDBITE) (English) MINISTER FOR INDUSTRY, SCIENCE AND TECHNOLOGY, KAREN ANDREWS, SAYING: "It was only a couple of hours ago that the government was advised that Holden was walking away from Australia and Australians. This is a very disappointing outcome, it's disappointing because there will be several hundred workers that are about to lose their jobs because of this decision." GM said they would continue to support existing Holden customers with spare parts, servicing for at least the next 10 years.

  • Tesla shares, fueled by Fed, surge on bullish analyst calls
    Yahoo Finance

    Tesla shares, fueled by Fed, surge on bullish analyst calls

    Tesla investors should probably thank the Federal Reserve for their big gains in 2020.

  • Scientific Games (SGMS) Posts Loss in Q4 on Lower Revenues
    Zacks

    Scientific Games (SGMS) Posts Loss in Q4 on Lower Revenues

    Scientific Games' (SGMS) fourth-quarter 2019 results reflect decreased Gaming revenues due to fewer system launches in Canada and lower machine unit sales.

  • Associated Press

    GM gets tax break for new plant next to factory it closed

    General Motors Co. will receive a tax break to build a new electric battery cell factory in Ohio next to the site of a much larger assembly plant it shut down last year. Village leaders in Lordstown approved a 75% tax abatement that will extend over 15 years and allow the company to move forward with the plant. “What we had to get done and needed to get done for General Motors, we did," Mayor Arno Hill said after the vote Tuesday.

  • HOME vs. TPX: Which Stock Is the Better Value Option?
    Zacks

    HOME vs. TPX: Which Stock Is the Better Value Option?

    HOME vs. TPX: Which Stock Is the Better Value Option?

  • Zacks.com featured highlights include: Tempur Sealy International, Twin River Worldwide, Rite Aid, DaVita and United Therapeutics
    Zacks

    Zacks.com featured highlights include: Tempur Sealy International, Twin River Worldwide, Rite Aid, DaVita and United Therapeutics

    Zacks.com featured highlights include: Tempur Sealy International, Twin River Worldwide, Rite Aid, DaVita and United Therapeutics

  • Buffett Believes Stocks are Overvalued? Buy These Bargains
    Zacks

    Buffett Believes Stocks are Overvalued? Buy These Bargains

    There are quality value stocks that are perceived to be "bargains" or are undervalued. And since the broader economy is doing pretty well, these stocks will certainly demonstrate continued profitability and its shares will move north banking on fundamental strength

  • Builder Confidence Remains Near All-Time High: 5 Top Picks
    Zacks

    Builder Confidence Remains Near All-Time High: 5 Top Picks

    Mortgage rates have recently hit a three-year low, boosting the country's housing market. Needless to say, that lower cost of home financing propped up demand among potential buyers.

  • General Motors to lay off all 1,500 plant workers in Thailand following sale
    Reuters

    General Motors to lay off all 1,500 plant workers in Thailand following sale

    General Motors will begin laying off around 1,500 employees in Thailand in June, after announcing the sale of its production plants in the country, a government official said on Wednesday. GM said on Monday it would sell its two plants in the eastern industrial province of Rayong to China's Great Wall Motor . Jak Punchoopet, adviser to the Minister of Labour, told Reuters all of the Rayong plants' employees would be laid off under the terms of GM's sale agreement with Great Wall.

  • More winners than losers in Singapore’s Budget war on virus
    Bloomberg

    More winners than losers in Singapore’s Budget war on virus

    Singapore pledged billions of dollars in its budget to counter the economic fallout from the coronavirus outbreak, before elections due by next year.

  • CARZ ETF Gains on Tesla's Rally Despite Mixed Auto Earnings
    Zacks

    CARZ ETF Gains on Tesla's Rally Despite Mixed Auto Earnings

    Tesla's relentless rally is providing support to the automobile ETF amid mixed earnings results.

  • Associated Press

    Scientific Games: 4Q Earnings Snapshot

    LAS VEGAS (AP) _ Scientific Games Corp. (SGMS) on Tuesday reported a fourth-quarter loss of $43 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Las Vegas-based company said it had a loss of 46 cents. The results did not meet Wall Street expectations.

  • Here's Why Lincoln National (LNC) Stock is an Attractive Bet
    Zacks

    Here's Why Lincoln National (LNC) Stock is an Attractive Bet

    Lincoln National (LNC) gains post its fourth-quarter earnings release on the back of solid results across segments and successful growth strategies.

  • 5 Stocks in Focus on Remarkable Relative Price Strength
    Zacks

    5 Stocks in Focus on Remarkable Relative Price Strength

    Want to try an out-of-the-box approach to earn handsome returns? Tap these stocks with explosive relative price strength.

  • American Axle's (AXL) Q4 Earnings Trump Estimates, Down Y/Y
    Zacks

    American Axle's (AXL) Q4 Earnings Trump Estimates, Down Y/Y

    American Axle (AXL) projects full-year 2020 sales and adjusted EBITDA of $5.8-$6 billion and $930-$960 million, respectively.

  • Holden brand retirement stuns Australian motor sport
    Reuters

    Holden brand retirement stuns Australian motor sport

    The future of Australia's Supercars series is under a cloud following the decision by U.S. auto maker General Motors to scrap the iconic Holden brand that has underpinned the touring car championship for decades. General Motors Co said on Monday it would retire the Holden brand by 2021 as it winds down Australian and New Zealand operations in the latest restructuring of its global business. The move has rocked the V8 Supercars series in which eight of the 13 teams race Holden's Commodore model cars.

  • Financial Times

    GM to exit Australia and New Zealand as part of global overhaul

    The US carmaker said China’s Great Wall Motors had agreed to buy its Thai manufacturing plant, and it would withdraw its Chevrolet brand from Thailand by year-end. “We are restructuring our international operations, focusing on markets where we have the right strategies to drive robust returns and prioritising global investments that will drive growth in the future of mobility, especially in the areas of electric vehicles and autonomous vehicles,” said Mary Barra, GM chief executive and chairman. The moves would incur cash and non-cash charges of $1.1bn, GM said.

  • GM plans to pull out of Australia, New Zealand and Thailand
    Associated Press

    GM plans to pull out of Australia, New Zealand and Thailand

    General Motors decision to pull out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don't produce adequate returns on investments raised dismay Monday from officials concerned over job losses. The company said in a statement Sunday that it plans to wind down sales, engineering and design operations for its historic Holden brand in Australia and New Zealand in 2021. It also plans to sell its Rayong factory in Thailand to China's Great Wall Motors and withdraw the Chevrolet brand from Thailand by the end of this year.

  • General Motors to wind down Australia, New Zealand operations, sell Thai plant to Great Wall
    Reuters

    General Motors to wind down Australia, New Zealand operations, sell Thai plant to Great Wall

    NEW YORK/BEIJING (Reuters) - General Motors Co is retreating from more markets outside of the United States and China, saying on Sunday that it will wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021. It also said China's Great Wall Motor Co Ltd had agreed to buy GM's Thailand car manufacturing plant and an engine factory, a transaction expected to be completed by the end of 2020. In rearranging its global operations, GM is accelerating its retreat from unprofitable markets, becoming more dependent on the United States, China, Latin America and South Korea.

  • Company News for Feb 14, 2020
    Zacks

    Company News for Feb 14, 2020

    Companies In The News Are: AMAT, NTAP, ATUS, CDNS.

  • Tempur Sealy (TPX) Hits 52-Week High, Can the Run Continue?
    Zacks

    Tempur Sealy (TPX) Hits 52-Week High, Can the Run Continue?

    Tempur Sealy (TPX) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.